Credit Suisse Management Shares Disappointment At Last Ordinary General Meeting

(RTTNews) - Speaking at the last ordinary General Meeting of Credit Suisse (CS), Axel Lehmann, Chairman of the Board, stated that Credit Suisse will no longer exist in its historical and current form in the future. He also noted that the decline of Credit Suisse, the circumstances, and various influencing factors can no longer be changed.

Last month, Credit Suisse and UBS entered into a merger agreement with UBS being the surviving entity. On March 19, 2023, Swiss Federal Department of Finance, the Swiss National Bank and FINMA have asked Credit Suisse and UBS to enter into the merger agreement.

"We fought tirelessly to review all the options, to find good solutions and for the future of Credit Suisse. Unfortunately, without success. That's why we are now at this point that no one wanted," Axel Lehmann said.

"After 167 years Credit Suisse is giving up its independence. A proud and, at times, turbulent company history is drawing to an end - and something new is being created," said Ulrich Körner, Group CEO.